COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Crozet Crossings Housing Trust Fund Annual Report

 

 

SUBJECT/PROPOSAL/REQUEST:

Review and acceptance of Annual Report

 

 

STAFF CONTACT(S):

Messrs. Tucker, Davis, Elliott, and White

 

 

LEGAL REVIEW:  Yes

 

AGENDA DATE:

March 19, 2008

 

        ACTION:                         INFORMATION:   

 

 

CONSENT AGENDA:

        ACTION:                         INFORMATION:  X

 

 

ATTACHMENTS:  No

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The Crozet Crossings Housing Trust Fund was established in 1994 by an agreement between the County of Albemarle, the Charlottesville Housing Foundation (CHF), and the Albemarle Housing Improvement Program (AHIP).  The purpose of the Trust Fund is to hold notes and deeds of trust on houses in Crozet Crossings and to collect and distribute funds upon the resale of the houses. The Trust Fund must meet the requirements set forth by the Virginia Department of Housing and Community Development under the provisions of the Community Development Block Grant Program.  One of the requirements is that the collected funds must be used for housing projects that benefit low- and moderate-income households The Fund is managed by five trustees (two representing the County, two representing CHF and one representing AHIP) and is staffed by the County’s Chief of Housing.  The Trustees are required to submit an annual report of the Trust Fund finances and activities to the Board.

 

 

STRATEGIC PLAN:

Objective 1.2: By June 30, 2010, working in partnership with others, increase affordable housing opportunities for those who work and/or live in Albemarle County.

 

 

DISCUSSION:

The Trustees of the Crozet Crossings Housing Trust Fund met on January 30, 2008 to review the financial status of the fund and review/approve funding requests submitted by two nonprofit applicants.  The Fund is in good financial condition with cash on hand in the amount of $399,850.64 as of December 31, 2007.  In addition, the Fund has potential receivables representing eleven (11) loans totaling $234,420 in original subsidy amounts and the potential to recapture through shared appreciation $254,193 based on assessed values.  The amount of shared appreciation is based on sales price or assessed value at the time that actions trigger repayment (sale or refinancing).  There is one loan in bankruptcy that is not included in these amounts.

 

Last year the Trustees approved, and the Board appropriated, $60,000 to Habitat for Humanity to assist in constructing two houses for households with disabled residents who were living in substandard conditions.  These projects are underway.  Two new applications were received in January 2008 requesting a total of $400,000 of funding.  AHIP submitted an application for its proposed Treesdale Park development that will provide ninety (90) units of affordable rental housing.  Jordan Development Corporation, with Piedmont Housing Alliance, requested funding for the rehabilitation of twenty-eight existing rental units for seniors and the construction of thirty-eight new rental units for seniors at Crozet Meadows.  The Trustees approved $252,000 for Treesdale and $134,400 for Crozet Meadows.  Once these projects receive other financial commitments and are ready to begin construction, the Trustees will request the Board to appropriate the approved funding.

 

BUDGET IMPACT:

There is no general fund budget impact, as these funds come from a restricted account required to fund housing projects.

 

RECOMMENDATIONS:

Staff, on behalf of the Trustees, recommends that the Board review and accept this report on the Crozet Crossings Housing Trust Fund.

 

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